Cloud Computing Market Size, Share & Growth Report 2029
The Cloud Computing Market was valued around USD 288 billion in 2020 and is expected to grow at a CAGR of 19.6% over the forecast period (2021-2028).

Cloud Computing Market

The Cloud Computing Market was valued around USD 288 billion in 2020 and is expected to grow at a CAGR of 19.6% over the forecast period (2021-2028).

The factors driving growth of Cloud Computing Market includes growing concept of Work from Home (WFH), surge in Video-on-Demand (VoD), increasing deployment of cloud-based software across industry verticals such as BSFI, Manufacturing and Retail and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) by major companies, commercialization of 5G technology, Government initiatives promoting digital transformation and rapid urbanization, are some of the additional factors supplementing Cloud Computing Market size. In addition, the increasing investments by major corporations on research and development, rising disposable incomes and growing population growth rates, are further propelling the Cloud Computing Market share.

However, growth of the Cloud Computing Market is hindered due to rising incidences of cyberattacks worldwide.

The leading players operating in the market are Amazon Web Services, Inc., Google LLC, Alibaba Cloud, IBM, Microsoft Corporation, SAP SE, VMware, Inc., Fujitsu, Oracle,, Inc., Adobe Inc., and Rackspace Inc., among others.

Based on Service Model, the Software as a Service segment is predicted to grow at a significant CAGR during the forecast period

Growing adoption of Software as a service model by small and medium enterprises to avoid large-up front licensing fees and high capital costs, enhance scalability and reduces installation time, are some of the features pushing Cloud Computing Market Growth.

Based on Industry Vertical, the Banking, Financial Services and Insurance segment is projected to capture the largest market share over the forecast period

Increase in the volumes of data generated by banks and rising use of cloud computing solutions to maintain customers’ confidential details such as account holder, transaction details, and credit and debit card information, are some of the factors responsible for the segment’s growth.

Based on Region, the North American region is anticipated to hold the highest market share during the forecast period

As per the Cloud Computing Market Forecast, presence of the leading players such as Amazon Web Services, Inc., Google LLC, and Microsoft Corporation, rising popularity of video streaming platforms, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Developments

  • In 2022, Google introduced its cloud region in Madrid, Spain, with three cloud zones to cater to the increasing need for technology for Spanish businesses. It will further accelerate digital transformation across various industries.
  • In 2022, Microsoft extended its foothold by setting up its 4th data center in Hyderabad, India, operational by 2025. The company will strengthen its cloud services for the private and government sectors through this expansion.
  • In 2021, Microsoft introduced government cloud services, i.e., Top Secret for US government intelligence agencies and supporting organizations. The US government planned to establish its cloud portfolio to serve its national security mission and empower various government agencies.
  • Microsoft to build its first data center region in Indonesia as part of the Berdayakan economy Digital Indonesia initiative to deliver credible cloud services locally, with world-class data privacy, security, and the capability to store data in-country.
  • Alibaba Cloud plans to build new data centers in South Korea and Thailand next year to help the cloud computing requirements of businesses in the two countries. The move follows aggressive plans by the Chinese cloud supplier to enhance its regional footprint, across Singapore, Malaysia, Indonesia, and, more recently, the Philippines. October 20, 2021.

Market Segmentation

Segmentation by Service Model

  • Infrastructure as a Service
  • Platform as a Service
  • Software as a Service

Segmentation by Organization Size

  • Small and Medium-Sized Enterprises
  • Large Enterprises

Segmentation by Workload

  • Storage, Backup, and Disaster Recovery
  • Application Development and Testing
  • Database Management
  • Business Analytics
  • Integration and Orchestration
  • Enterprise Resource Management
  • Collaboration and Content Management

Segmentation by Industry Vertical

  • Banking, Financial Services and Insurance
  • IT and Telecommunications
  • Government and Public Sector
  • Retail and Consumer Goods
  • Manufacturing
  • Energy and Utilities
  • Media and Entertainment
  • Healthcare and Life Sciences
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.


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